Founding tech co talk
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This is a talk by Raj Kapoor (Founder & Managing Partner of www.cofounder.co and Venture Partner, Mayfield Fund) that he presented at MIT and Harvard. It's best accompanied by voice over but you can get the gist of it from the slideshow. The talk is about: 1) The Snapfish story - lessons learned 2) What VCs look for from internet/mobile entrepreneurs 3) Should you base your company in Silicon Valley 4) How the new cofounder.co model will work
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Founding tech co talk
- 1. Founding A Tech Startup by Raj Kapoor Founder & Managing Partner, cofounder.co Venture Partner, Mayfield Fund
- 2. Trending Topics : ) • Lessons from Snapfish • What Investors Look For • Silicon Valley or Not? • cofounder.co
- 3. The Snapfish Story Role Models Are Critical – especially early on…
- 4. The Snapfish Story Build Networks first…sometimes by chance… Household Internet Connections (M) 20 15 10 5 0 1998 1999 2000 2001 2002 Cable ADSL Total Broadband
- 5. The Snapfish Story Know when to cut the cord…timing does matter
- 6. The Snapfish Story Cofounders are recommended – fill the gaps Product/Ops Leadership/Product BD/Schmoozing Tech w/ Business
- 7. The Snapfish Story Early – Its 100% Funding, Product, and Recruiting
- 8. The Snapfish Story Raise Money (yes $36M) Whenever You Can….
- 9. The Snapfish Story The Harsh Reality of the Marketplace… Projected Snapfish New Customers 3500 3000 2500 The Snapfish New Customers 2000 1500 Solution: Free 1000 Processing 500 0 4/23/2000 4/30/2000 5/7/2000 5/14/2000 5/21/2000 5/28/2000
- 10. The Snapfish Story Dealing With Failure…. 300 250 iVillage The S treet.Com 200 The Globe Marketwatch 150 Priceline Etoys 100 Drugstore Egghead 50 Ashford 0 11/1/1999 2/1/2000 5/1/2000 8/1/2000 11/1/2000
- 11. The Snapfish Story Hunker Down, Pivot…and Hope to Catch A Wave
- 12. The Snapfish Story When Its Working…Step On It 50,000,000 45,000,000 40,000,000 35,000,000 30,000,000 25,000,000 20,000,000 15,000,000 10,000,000 5,000,000 0 00 00 01 01 02 02 03 03 04 04 Q Q Q Q Q Q Q Q Q Q 2 4 2 4 2 4 2 4 2 4
- 13. The Snapfish Story Another Tough But Fortunate Choice…
- 14. The Snapfish Story Capitalize on Luck and Timing…
- 15. 10 Takeaways from Snapfish 1. Don’t Wait for Inspiration – Position So It Falls on Your Head 2. Data Changes and Its Never Enough – Invest In Your Gut 3. Passion is Infectious – You Gotta Really Have It 4. Be Crisp and Confident When Selling 5. Sell What They Want, Not What You Want 6. Hire People Better Than You 7. You’re Always Raising Money 8. Hypothesize, Get To Market Quick, Iterate Often 9. Plan, But Be Open to Change 10. Balance IS Possible (well, sometimes)
- 16. What Investors Look For
- 17. Waves of Disruption Create Opportunity Mobile Video Social Networking UGC Search Portals Ecommerce
- 18. Other Big Trends • Connected TVs – Similar to mobile disruption in 2007 with the iPhone • Professionals Platforms – Individuals become the brands vs organizations • Services Marketplaces • E-Commerce as mainline commerce in BRIC • New Relationship Graphs • Education Disrupted
- 19. Two Types of Consumer Businesses Disruptive New Media Vertical Destinations • “Youthful” Founders • Experienced Founders • Product Driven • Execution driven • Network effects • Marketplace Model • Viral loops for customer • Organic Traffic Advantage acquisition • Highly Monetizable Vertical • Broad based adoption - 100M+ user scale • Momentum vs Black Swan
- 20. B2B/Infrastructure Criteria • Experienced Internet-focused Team • Pain Killer vs Vitamin • Frictionless deployment – SaaS, few lines of javascript, widgets, ad tags • Grass Roots Sales Model – open source, social media, sell to employees – Avoid the CIO • Provides immediate benefit or cost reduction • Leverages new features of internet – Data targeting, social, video, RTB, mobile • Future Platform opportunity vs. “Feature/Tool” • Recurring revenue business
- 21. Looking for Great Founders • They know them or know of them WELL via network • Product/user obsession • Founders who can code and move quickly • Deep understanding of business, metrics, and product • Big vision AND solid execution • Well connected to get talent, advice, etc • Demonstrate they know what an A+ Player Looks Like • Don’t need perfect CEO – but need to be “self aware”
- 22. General Tips Pitching VCs • Know your Real TAM – Bottoms Up – Is $100M revs realistic? – Is VC or Angel funding better? • Proof Team is Product and Business Savvy • Is there a true competitive advantage vs execution? – Show network effect or why model is disruptive vs incremental to incumbents • Map out Serial Risk Reduction • Raise at least 18 months of capital if its early stage • Control The Process and Timing – Create relationships with VCs well in advance of fundraise – Try to get everyone on same timetable
- 23. Silicon Valley Or Not?
- 24. The Good 46% of VC dollars in Q2 went to Silicon Valley (Only 12% went to the second place – here)
- 25. The Good 75% of ALL returns in venture are in Silicon Valley
- 26. The Good Mindset vs Location • Change the World vs make a buck • Pay It Forward vs look out for yourself • Massive information advantage • People-driven transactions • Talent has DNA to Go Big and Scale • Competition to Push You Hardest • Product Rules
- 27. The Ugly • Cost of Living • Talent War • Relationship-driven* * unless you have amazing momentum • Weather….NOT!
- 28. The Bottom Line Silicon Valley if…. • You are thinking BIG • You Like Swimming with SHARKS • Product/Service Excellence matters • You Have the Relationships – or – momentum • You like good weather and wine : )
- 30. What’s Missing? • Entrepreneurs Looking for help – not just money • Accelerators, incubators, angels, mentors advisors, VCs • Time is more precious than capital for the best • Where do they get time, experience, and deep help? • 100+ key decisions every year! Time is Right for a New Model…..
- 31. The Solution • Standardize part-time cofounder role • time and experience for the critical decisions • Day A Week cadence – 4-5 co’s max • Experienced founder/CEO/investors only • Deep relationships • capital, talent, partnerships & exits • Alignment as cofounder vs investor • Minority vesting equity - skin in the game • Join at point of cofounder decision
- 32. Long Term Vision • Build Network of top notch operators/investors • Some full time, some part-time • Pool equity to give fund economics • Take it Global Angel.co for money - for a partner
- 33. Founders I’m Looking For • Awesome in all ways except experience/network • Evidence of Excellence in your life • Ambition to create a massive disruptive company • Strong Desire to be CEO but self-aware • Product obsessed builders fit best • Passion for a sector, not wed to a solution • Started anywhere but move to build co in SV • Open to spending quality time together first
- 34. Thank You! www.cofounder.co founders@cofounder.co
Notes de l'éditeur
- 75% of inc 500 founders started their company in a different city than their last degree46% of VC dollars in Q2 went to silicon valley - vs second best at 12% (new england)75% of ALL returns in venture business in bay areaHow much do you know about the market?SV – mindset vs just a locationFollow Mark’s lead – faster and smarterPay It Forward – way of lifeNormal is to do a startupStart anywhere, scale hereSuccess breeds success“if you just move to silicon valley, all this will be solved”How to succeedWhyThe Ugly
- 75% of inc 500 founders started their company in a different city than their last degree46% of VC dollars in Q2 went to silicon valley - vs second best at 12% (new england)75% of ALL returns in venture business in bay areaHow much do you know about the market?SV – mindset vs just a locationFollow Mark’s lead – faster and smarterPay It Forward – way of lifeNormal is to do a startupStart anywhere, scale hereSuccess breeds success“if you just move to silicon valley, all this will be solved”How to succeedWhyThe Ugly
- 75% of inc 500 founders started their company in a different city than their last degree46% of VC dollars in Q2 went to silicon valley - vs second best at 12% (new england)75% of ALL returns in venture business in bay areaHow much do you know about the market?SV – mindset vs just a locationFollow Mark’s lead – faster and smarterPay It Forward – way of lifeNormal is to do a startupStart anywhere, scale hereSuccess breeds success“if you just move to silicon valley, all this will be solved”How to succeedWhyThe Ugly
- 75% of inc 500 founders started their company in a different city than their last degree46% of VC dollars in Q2 went to silicon valley - vs second best at 12% (new england)75% of ALL returns in venture business in bay areaHow much do you know about the market?SV – mindset vs just a locationFollow Mark’s lead – faster and smarterPay It Forward – way of lifeNormal is to do a startupStart anywhere, scale hereSuccess breeds success“if you just move to silicon valley, all this will be solved”How to succeedWhyThe Ugly
- 75% of inc 500 founders started their company in a different city than their last degree46% of VC dollars in Q2 went to silicon valley - vs second best at 12% (new england)75% of ALL returns in venture business in bay areaHow much do you know about the market?SV – mindset vs just a locationFollow Mark’s lead – faster and smarterPay It Forward – way of lifeNormal is to do a startupStart anywhere, scale hereSuccess breeds success“if you just move to silicon valley, all this will be solved”How to succeedWhyThe Ugly
- 75% of inc 500 founders started their company in a different city than their last degree46% of VC dollars in Q2 went to silicon valley - vs second best at 12% (new england)75% of ALL returns in venture business in bay areaHow much do you know about the market?SV – mindset vs just a locationFollow Mark’s lead – faster and smarterPay It Forward – way of lifeNormal is to do a startupStart anywhere, scale hereSuccess breeds success“if you just move to silicon valley, all this will be solved”How to succeedWhyThe Ugly
- 75% of inc 500 founders started their company in a different city than their last degree46% of VC dollars in Q2 went to silicon valley - vs second best at 12% (new england)75% of ALL returns in venture business in bay areaHow much do you know about the market?SV – mindset vs just a locationFollow Mark’s lead – faster and smarterPay It Forward – way of lifeNormal is to do a startupStart anywhere, scale hereSuccess breeds success“if you just move to silicon valley, all this will be solved”How to succeedWhyThe Ugly
- 75% of inc 500 founders started their company in a different city than their last degree46% of VC dollars in Q2 went to silicon valley - vs second best at 12% (new england)75% of ALL returns in venture business in bay areaHow much do you know about the market?SV – mindset vs just a locationFollow Mark’s lead – faster and smarterPay It Forward – way of lifeNormal is to do a startupStart anywhere, scale hereSuccess breeds success“if you just move to silicon valley, all this will be solved”How to succeedWhyThe Ugly
- 75% of inc 500 founders started their company in a different city than their last degree46% of VC dollars in Q2 went to silicon valley - vs second best at 12% (new england)75% of ALL returns in venture business in bay areaHow much do you know about the market?SV – mindset vs just a locationFollow Mark’s lead – faster and smarterPay It Forward – way of lifeNormal is to do a startupStart anywhere, scale hereSuccess breeds success“if you just move to silicon valley, all this will be solved”How to succeedWhyThe Ugly
- 75% of inc 500 founders started their company in a different city than their last degree46% of VC dollars in Q2 went to silicon valley - vs second best at 12% (new england)75% of ALL returns in venture business in bay areaHow much do you know about the market?SV – mindset vs just a locationFollow Mark’s lead – faster and smarterPay It Forward – way of lifeNormal is to do a startupStart anywhere, scale hereSuccess breeds success“if you just move to silicon valley, all this will be solved”How to succeedWhyThe Ugly